Bear Stearns brokerage statement for Jeffrey Epstein, Feb. 23–Mar. 28, 2002

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. New York, New York 10179¶

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| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |¶

| TELEPHONE | |¶

| VISIT OUR WEBSITE | www.bearstearns.com |¶

What’s In This Statement¶

Financial Summary 3¶

Your Portfolio Holdings … 4¶

Transaction Detail … 5¶

Your Messages 6¶

JEFFREY EPSTEIN¶

C/O FINANCIAL TRUST COMPANY¶

ATTN JEANNE BRENAN¶

6100 RED HOOK QUATER B-3¶

ST THOMAS VI 00802¶

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSIDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

Your Portfolio at a Glance¶

TOTAL VALUE OF SECURITIES THIS PERIOD*	5,931,653
NET DEBIT BALANCE	-978,513
NET EQUITY THIS PERIOD	$4,953,140
NET EQUITY LAST STATEMENT	4,494,480
CHANGE SINCE LAST STATEMENT	458,660
*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

There are no “Stop Loss” orders or other pending buy or sell open orders on file for your account.¶

| LAST STATEMENT | February 22, 2002 |¶

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TAXPAYER NUMBER On File¶

JEFFREY EPSTEIN¶

STATEMENT PERIOD February 23, 2002¶

ACCOUNT NUMBER¶

Market Value of Your Portfolio¶

THROUGH March 28, 2002¶

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.¶

SIPC¶

This summary is for informational purposes only. It is not intended as a tax document.¶

This statement should be retained for your records. See reverse side for important information.¶

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY¶

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Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859¶

JEFFREY EPSTEIN¶

STATEMENT BACKER IS PRINTED ON THIS PAGE¶

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BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. New York, New York 10179¶

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Cash Flow Analysis¶

	THIS PERIOD
OpeningBalance	-958,140.16
Dividends/Interest	11,454.00
Amount Credited	$11,454.00
Dividends/Interest Charged	-1,877.05
Miscellaneous	-29,949.72
Amount Debited	-31,826.77
Net Cash Activity	-20,372.77
Closing Balance	-978,512.93

Cash Balance Summary¶

	OPENING	CLOSING
Margin	-958,140.16	-978,512.93
Net Cash Balance	-958,140.16	-978,512.93

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	11,454.00	16,384.00
Total	$11,454.00	$16,384.00
Margin Int. Paid	-1,877.05	-5,218.33

Portfolio Composition¶

	SHORT	LONG
Cash/Cash Equivalent	978,513
Equities		5,931,653
Total	$978,513	$5,931,653

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY¶

Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859¶

JEFFREY EPSTEIN¶

STATEMENT PERIOD	February 23, 2002
THROUGH	March 28, 2002
ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	February 22, 2002

Your Portfolio Allocation¶

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BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. New York, New York 10179¶

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Your Portfolio Holdings¶

CASH & CASH EQUIVALENTS¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				-978,513
TOTAL CASH & CASH EQUIVALENTS				-978,513

EQUITIES¶

Equities & Options¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
ALLIED WASTE INDUSTRIES INC NEW	AW	MRGN	50,000	13.0000	650,000
CENTER TR INC	CTA	CASH	2,000	5.2900	10,580	480	4.5369
CANHORN CHEMICAL CORP	CNCPF	CASH	19	Unpriced
CROWN AMERICAN REALTY TRUST	CWN	MRGN	5,000	9.7400	48,700	4,200	8.6242
FELCOR LODGING TRUST INC	FCH	MRGN	2,000	21.2500	42,500	400	0.9412
FIVE STAR QUALITY CARE INC	FVE	MRGN	100	7.3200	732
GLENBOROUGH REALTY TRUST INC	GLB	MRGN	2,000	21.5000	43,000	3,440	8.0000
GLIMCHER REALTY TRUST-SBI	GRT	MRGN	2,000	18.5500	37,100	3,846	10.3666
HRPT PROPERTIES TR-SBI	HRP	MRGN	10,000	9.0000	90,000	8,000	8.8889
HOSPITALITY PROPERTIES TRUST SBI	HPT	MRGN	2,000	34.3300	68,660	5,680	8.2726
JOHNSON& JOHNSON	JNJ	MRGN	57,800	64.9500	3,754,110	41,616	1.1085
KRAMONT REALTY TRUST	KRT	MRGN	2,000	13.5500	27,100	2,600	9.5941
RAMCO GERSHENSON PROPERTIES TRUST-MD SBI	RPT	MRGN	12,000	17.7600	213,120	20,160	9.4595
SIRIUS SATELLITE RADIO INC	SIRI	MRGN	1,000	5.3200	5,320

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North Brooklyn, New York 11201-3859¶

STATEMENT PERIOD February 23, 2002¶

JEFFREY EPSTEIN¶

THROUGH March 28, 2002¶

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | February 22, 2002 |¶

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BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. New York, New York 10179¶

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Your Portfolio Holdings (continued)¶

Equities & Options (continued)¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
TOO INC	TOO	CASH	31,900	29.4900	940,731
Total Equities& Options					$5,931,653	$90,422
TOTAL EQUITIES					$5,931,653	$90,422

YOUR TOTAL ESTIMATED ANNUAL INCOME	$90,422
YOUR PRICED PORTFOLIO HOLDINGS	$4,953,140

Transaction Detail¶

DIVIDENDS¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
03/12/02	JOHNSON & JOHNSON REC 02/19/02 PAY 03/12/02	JNJ	57,800	0.1800		10,404.00
03/15/02	CROWN AMERICAN REALTY TRUST REC 03/04/02 PAY 03/15/02	CWN	5,000	0.2100		1,050.00
TOTAL						$11,454.00

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSIDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

JEFFREY EPSTEIN¶

STATEMENT PERIOD February 23, 2002¶

THROUGH March 28, 2002¶

ACCOUNT NUMBER¶

| LAST STATEMENT | February 22, 2002 |¶

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TAXPAYER NUMBER On File¶

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EFTA00200716¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. New York, New York 10179¶

CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

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JEFFREY EPSTEIN¶

Transaction Detail (continued)¶

STATEMENT PERIOD February 23, 2002¶

INTEREST¶

THROUGH March 28, 2002¶

AGCOUNT NUMBER¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
03/21/02	FROM 0/ 0 THRU 0/ 0 @21/2% BAL 976,635 AVBAL 965,338			2.5000	1,877.05
TOTAL						-1,877.05

TAXPAYER NUMBER On File¶

| LAST STATEMENT | February 22, 2002 |¶

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MISCELLANEOUS¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
03/11/02	JOURNAL	TO	29,949.72
TOTAL			-29,949.72

Your messages¶

Pursuant to SEC Rule 11Ac1-6, Bear, Stearns & Co., Inc will publicly post its quarterly routing statistics at the following web link: http://www.bearstearns.com/corporate/business/equities/orp.htm¶

Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements:¶

At November 30, 2001 and January 31, 2002, the Company’s net capital of approximately $2,6 billion and $2,6 billion was approximately 9% and 8% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $604.1 million and $648.0 million by approximately $2.0 billion and $2.0 billion, all respectively.¶

A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call -toll free 1-866-299-9331.¶

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